MTN Ghana MoMo revenue grows by 26.7% in first quarter of 2022

Telecommunications giant, MTN Ghana’s financial performance report for the first quarter of 2022, shows the company’s Mobile Money business has seen a 26.7% growth in the period.

MTN mobile money

This means the company’s MoMo revenue hit GHC515 million year-on-year for the first three months of 2022.

Also, the results showed that the number of mobile money users went up by 7.7% from March 2021 to reach 11.7 million for the first quarter of 2022.

The number of active MoMo users increased to 11.7 million and MoMo revenue grew by 26.7% YoY [year-on-year] to GHC515 million. The contribution of mobile money to service revenue decreased from 23.3% to 21.9% YoY [year-on-year].

MTN Ghana’s financial performance added that “voice revenue grew by 16.9% year-on-year to GHC785 million. The contribution of voice to service revenue declined from 38.5% to 33.4% year-on-year in favour of increased contribution from data.”

According to MTN Ghana, their active data subscribers grew to 12.8 million and helped drive a 64.4% YoY growth in data revenue to GHC872 million.

It added that this was “further bolstered by growth in the number of smartphones on the network (+5.8% YoY), data traffic (+51.3% YoY) and megabytes consumed per active subscriber (+32.3% YoY). In line with our strategy, the contribution of data to service revenue increased from 30.4% to 37.1% YoY.”

Meanwhile, digital revenue declined by 11.9% year-on-year to GHC42 million. Digital service remains impacted by recent initiatives to enhance customer experience and rationalization of digital products portfolio.

Our digital revenue growth strategy involves enhancing and scaling our digital messaging channels and adding more value, choice and personalization to our music and gaming offerings. The contribution of digital to service revenue decreased from 2.7% to 1.8% YoY.”

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